IFRS Presentation

Hammerson PLC
26 April 2005


International Financial Reporting Standards and Analyst Visit to Moorhouse

Hammerson plc is today making a presentation to analysts and investors in which
it will restate the group's 2004 results under International Financial Reporting
Standards (IFRS). The presentation will be held at Moorhouse, 120 London Wall,
EC2 at 11.30 a.m.

In addition, the group will take the opportunity to update attendees on the City
of London office market and Hammerson's City portfolio.

The presentations are to be made by:

John Richards                 Chief Executive
Simon Melliss                 Group Finance Director
Warren Austin                 Head of Financial Reporting and Control
Robin Martin                  Property Research Analyst
Michael Baker                 Director and Head of Offices

The slides and scripts used for both presentations will be available on
Hammerson's website (www.hammerson.co.uk) from 11.30 a.m.

The principal changes arising from the adoption of IFRS for the group's 2004
results are:
     
•    inclusion of investment property valuation changes in the income statement;
•    inclusion in the balance sheet of the contingent tax liability;
•    capitalisation of the minimum lease payments in respect of leasehold 
     property interests;
•    exclusion of the provision for the 2004 final dividend;
•    inclusion of negative goodwill in the income statement;
•    inclusion of the net retirement benefit liability of defined benefit 
     schemes on the balance sheet.

These changes affect key figures and ratios as shown below:


                                                      UK GAAP           IFRS
                                                   (£million)     (£million)

     Net rental income                                  188.4          189.5
     Profit before tax                                  127.2          413.4
     Equity shareholders' funds                         2,581          2,410

                                                      (pence)        (pence)
     Earnings per share                                  42.1          156.2
     Adjusted earnings per share                         30.0           28.7
     Adjusted net asset value per share                   936            945

     Gearing, excluding deferred tax                       68%            68%

The figures shown above reflect the current versions of the standards and
interpretations released to date and therefore should be regarded as provisional
and are unaudited. Accordingly the figures for 2004 actually used for and
presented as comparatives with the 2005 interim and final consolidated financial
statements may be different.

A document detailing Hammerson's unaudited 2004 income statement, balance sheet,
cashflow and certain notes under IFRS, together with, where appropriate,
reconciliations between the figures under UK GAAP and those under IFRS, is
available on Hammerson's website (www.hammerson.co.uk).


For further information:

Simon Melliss                                                Tel:  [phone]
Group Finance Director, Hammerson plc

Christopher Smith                                            Tel:  [phone]
Director of Corporate Affairs, Hammerson plc



                      This information is provided by RNS
            The company news service from the London Stock Exchange